Azerbaijan’s state and private organizations signed Memo for joint expansion of industrial insurance

16:34 - 28.09.2018


September 28, Fineko/abc.az. The Ministry of Labor & Social Protection, the Financial Markets Supervision Chamber (Fimsa), the Compulsory Insurers Bureau (CIB), insurance companies PAŞA Həyat Sığorta, Atəşgah Həyat Sığorta and Qala Həyat Sığorta signed the Memorandum of Cooperation.

The Memo implies conclusion of contracts for compulsory insurance against accidents at work, increasing the responsibility of employers and the adoption of measures aimed at preventing accidents at work.

"In 2017, the insurers involved in compulsory accident insurance collected AZN 33.2 million and paid compensations for AZN 4.3 million, in the 1st half of 2018 they gathered AZN 21.3 million and compensated for AZN 1.7 million that testifies about growth of this type of insurance," Fimsa’s CEO Ibrahim Alyshov stated during the Memo signing ceremony.

 

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